Hamlin Capital Management LLC Acquires 47,098 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Hamlin Capital Management LLC increased its stake in Public Service Enterprise Group by 2.0%, acquiring an additional 47,098 shares, bringing its total ownership to 2,459,315 shares, valued at approximately $202.4 million.
• Public Service Enterprise Group's most recent earnings report revealed earnings per share of $0.77, surpassing the consensus estimate of $0.70, alongside a revenue of $2.81 billion for the quarter.
• The company announced a quarterly dividend of $0.63 per share, with an annualized yield of 2.9%, reflecting a payout ratio of 63.64%.

Hamlin Capital Management LLC lifted its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 2.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,459,315 shares of the utilities provider's stock after acquiring an additional 47,098 shares during the quarter. Public Service Enterprise Group makes up about 4.8% of Hamlin Capital Management LLC's portfolio, making the stock its 4th biggest holding. Hamlin Capital Management LLC owned 0.49% of Public Service Enterprise Group worth $202,402,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Transce3nd LLC bought a new stake in Public Service Enterprise Group during the fourth quarter valued at $25,000. Chapman Financial Group LLC acquired a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at about $25,000. REAP Financial Group LLC increased its position in Public Service Enterprise Group by 105.9% in the 4th quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock valued at $27,000 after buying an additional 162 shares in the last quarter. Headlands Technologies LLC acquired a new position in Public Service Enterprise Group during the 1st quarter worth approximately $32,000. Finally, Optiver Holding B.V. bought a new position in Public Service Enterprise Group in the fourth quarter worth approximately $50,000. 73.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Barclays lowered their target price on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 10th. Evercore ISI lowered their target price on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. BMO Capital Markets lifted their price target on Public Service Enterprise Group from $84.00 to $89.00 and gave the company a "market perform" rating in a research note on Wednesday, August 6th. Morgan Stanley lowered their price objective on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. Finally, Wall Street Zen downgraded shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $90.95.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,387 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total value of $115,287.44. Following the completion of the transaction, the chief executive officer directly owned 218,328 shares of the company's stock, valued at approximately $18,147,423.36. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is currently owned by company insiders.

Public Service Enterprise Group Trading Down 0.2%

NYSE:PEG opened at $87.64 on Thursday. Public Service Enterprise Group Incorporated has a 12 month low of $74.67 and a 12 month high of $95.22. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 1.30. The firm's 50 day moving average is $83.98 and its 200 day moving average is $82.23. The stock has a market capitalization of $43.74 billion, a PE ratio of 22.13, a price-to-earnings-growth ratio of 3.06 and a beta of 0.45.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.07. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.49 billion. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%. The business's revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.63 earnings per share. Sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be given a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $2.52 annualized dividend and a dividend yield of 2.9%. Public Service Enterprise Group's payout ratio is 63.64%.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.

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